Find the equation of the directrix of the parabola $y = \frac{x^2 - 6x + 5}{12}.$
Recall that a parabola is defined as the set of all points that are equidistant to the focus $F$ and the directrix.  Completing the square on $x,$ we get
\[y = \frac{1}{12} (x - 3)^2 - \frac{1}{3}.\]To make the algebra a bit easier, we can find the directrix of the parabola $y = \frac{1}{12} x^2,$ shift the parabola right by 3 units to get $y = \frac{1}{12} (x - 3)^2$ (which does not change the directrix), and then shift it downward $\frac{1}{3}$ units to find the directrix of the parabola $y = \frac{1}{12} (x - 3)^2 - \frac{1}{3}.$

Since the parabola $y = \frac{1}{12} x^2$ is symmetric about the $y$-axis, the focus is at a point of the form $(0,f).$  Let $y = d$ be the equation of the directrix.

[asy]
unitsize(1.5 cm);

pair F, P, Q;

F = (0,1/4);
P = (1,1);
Q = (1,-1/4);

real parab (real x) {
  return(x^2);
}

draw(graph(parab,-1.5,1.5),red);
draw((-1.5,-1/4)--(1.5,-1/4),dashed);
draw(P--F);
draw(P--Q);

dot("$F$", F, NW);
dot("$P$", P, E);
dot("$Q$", Q, S);
[/asy]

Let $\left( x, \frac{1}{12} x^2 \right)$ be a point on the parabola $y = \frac{1}{12} x^2.$  Then
\[PF^2 = x^2 + \left( \frac{1}{12} x^2 - f \right)^2\]and $PQ^2 = \left( \frac{1}{12} x^2 - d \right)^2.$  Thus,
\[x^2 + \left( \frac{1}{12} x^2 - f \right)^2 = \left( \frac{1}{12} x^2 - d \right)^2.\]Expanding, we get
\[x^2 + \frac{1}{144} x^4 - \frac{f}{6} x^2 + f^2 = \frac{1}{144} x^4 - \frac{d}{6} x^2 + d^2.\]Matching coefficients, we get
\begin{align*}
1 - \frac{f}{6} &= -\frac{d}{6}, \\
f^2 &= d^2.
\end{align*}From the first equation, $f - d = 6.$  Since $f^2 = d^2,$ $f = d$ or $f = -d.$  We cannot have $f = d,$ so $f = -d.$  Then $-2d = 6,$ so $d = -3.$

Thus, the equation of the directrix of $y = \frac{1}{12} x^2$ is $y = -3,$ so the equation of the directrix of $y = \frac{1}{12} (x - 3)^2 - \frac{1}{3}$ is $\boxed{y = -\frac{10}{3}}.$